Later today he will respond to the speaker, and lay out his approach to avoiding the fiscal cliff. We get more reporting from abc's jake tapper on that in a moment. First, take a look at this remarkable video right after the election. An emotional president, addressing his young campaign troops. I felt that the work I had done in running for office, had come full-circle. Because what you guys have done, says that the work that I've done is important. And I'm really proud of that. And I'm really proud of all of you. And what you have done -- president we almost never see. Reporter: It is, george. This is wednesday afternoon. He stopped by his campaign headquarters and spoke with about 700 or 800 volunteers. Obviously, got very emotional. He was talking about his days as a young idealist, coming to chicago. And how much more effective and intelligent these volunteers and campaign staffers are. One of the interesting things about this race is, top aides say, president obama considered this victory to be more meaningful in a lot of ways because it wasn't just hope and rhetoric. It was four years of the grueling process of governance. And still, these volunteers turned out. Another difficult challenge ahead. That fiscal cliff that is looming. We're going to hear the fi words from the president on that this afternoon. Reporter: And the language won't be that different from what you've heard already. The president will talk about how everyone agrees that the middle-class tax cuts should be preserved. And that the voters clearly favored what he calls a balanced approach, which means raising taxes on the wealthier. He'll talk about a new government report, the congressional budget office saying, that if all these tax cuts expire, the damage to the economy would be very, very powerful. But if the tax cuts for the middle-class are preserved, it would actually be not nearly as bad. George? So, both sides saying they want compromise. But also, digging in. Jake tapper, thanks very much.

This transcript has been automatically generated and may not be 100% accurate.

John Boehner Calls Tax Rate Increase 'Unacceptable'

The Speaker of the House discusses where Republicans stand on looming tax increases.